The Flowr Corporation Announces First Quarter 2022 Results and Reinstatement of Trading

The Flowr Corporation Announces First Quarter 2022 Results and Reinstatement of Trading
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<![CDATA[TORONTO, May 30, 2022 (GLOBE NEWSWIRE) –PRESS RELEASE– The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) herein announces its financial and operational results for the first quarter results for the period ended March 31, 2022.   All financial information in this news release is reported in thousands of Canadian dollars and represents results from continuing operations, unless otherwise indicated.Tom Flow, Interim Chief Executive Officer of Flowr, commented:“The first quarter of 2022 showed that we remain on track with our objective on maintaining our status as a premium cannabis producer. Also, our continued focus on cost reductions is showing in our bottom-line improvements.”SELECTED FINANCIAL AND OPERATIONAL RESULTSThe following table summarizes the company’s key financial and operational results:In thousands of CAD dollars,  Three months ended  (except loss per share and grams harvested)  March 31,    2022   2021  Grams harvested – K1  1,232,654   669,307  Grams sold  1,179,735   672,566  Gross revenue  3,878   4,403  Net revenue  3,463   3,622  Cost of sales  3,678   2,730  Impairment of inventory  683   749  Gross profit/(loss) before fair value adjustments  (898 )  143  Selling and marketing and G&A  2,852   3,999  Share-based compensation  (225 )  421  Impairment of assets  29   —  Loss/(gain) from disposal of subsidiary  —   (54 ) Net loss  (5,762 )  (7,081 ) Basic and diluted loss per share  (0.01 )  (0.02 ) Financial Results (presented in $000s)Gross revenue for Q1 2022 was $3,878 compared to $4,403 in Q1 2021, a decline of $525 or 12%. Net revenue during Q1 2022 was $3,463, $159 or 4% lower than Q1 2021. The decrease in revenue is primarily a result of a lower average net sale price, partially offset by higher volume. Sale of retail products during Q1 2022 was 257 kilograms compared with 541 kilograms in Q1 2021. Sale of cannabis through bulk wholesale channels during Q1 2022 was 923 kilograms compared to 131 kilograms…

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Source : The Flowr Corporation Announces First Quarter 2022 Results and Reinstatement of Trading

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